On Thursday the S&P/ASX 200 Index (ASX: XJO) was back on form and charged higher. The benchmark index climbed 0.4% higher to 6,590.2 points.
Will the market be able to build on this on Friday? Here are five things to watch:
ASX 200 expected to rise.
The Australian share market looks set to rise on Friday after a positive night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.17% higher. In late trade in the United States, the Dow Jones is up 0.4%, the S&P 500 is flat, and the Nasdaq has risen 0.3%.
Oil prices push higher.
Energy producers such as Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices rose again. According to Bloomberg, the WTI crude oil price is up 0.8% to US$45.63 a barrel and the Brent crude oil price has climbed 1% to US$48.72 a barrel. This follows news that OPEC has agreed to increase its production gradually.
Premier Investments AGM.
Smiggle, Peter Alexander, and Just Jeans owner, Premier Investments Limited (ASX: PMV), is holding its annual general meeting today. It was a strong performer in FY 2020 thanks to its online sales growth. Premier Investments reported a 29% increase in net profit after tax to $137.8 million. Investors will no doubt be keen to see whether this momentum has carried over into the new financial year.
Gold price rises again.
Gold miners including Evolution Mining Ltd (ASX: EVN) and Saracen Mineral Holdings Limited (ASX: SAR) could end the week on a high after the gold price pushed higher again. According to CNBC, the spot gold price is up a further 0.7% to US$1,843.50 an ounce. The prospect of the US finally approving a COVID-19 stimulus package has given the gold price a lift.
Afterpay rated neutral.
The Afterpay Ltd (ASX: APT) share price could still climb a touch higher from here according to analysts at Goldman Sachs. This morning the broker responded to its trading update by retaining its neutral rating and lifting its price target to $99.90. This compares to the current Afterpay share price of $96.20. Goldman revealed that Afterpay thoroughly outperformed its expectations in November.
